BRP reports Q1 revenue loss
June 11, 2024
BRP PRESENTS FISCAL YEAR 2025 FIRST QUARTER RESULTS
BRP Inc. reported its financial results for the three-month period ended April 30, 2024. The complete financial results are available on SEDAR+ and EDGAR as well as in the section Quarterly Reports of BRP’s website.
Highlights
- Continued outpacing the SSV and ATV industries with retail sales increasing in the low-teens range and high-single digits range, respectively;
- Revenues of $2,031.7 million, a decrease of 16.4% compared to last year;
- Net loss of $7.4 million, a decrease of $161.9 million compared to last year;
- As expected, Normalized EBITDA of $247.2 million, a decrease of 34.4% compared to last year;
- Normalized diluted earnings per share of $0.95, a decrease of $1.43 per share, and diluted loss per share of $0.10, a decrease of $2.02 per share, compared to the same period last year;
- Adjusting full year-end guidance for revenues, now ranging between $8.6 and $8.9 billion, and for normalized earnings per share – diluted, now ranging between $6.00 and $7.00.
“Our first quarter results were in line with expectations and reflect our focus on managing network inventory to protect our dealer value proposition. Our strong product portfolio performed well at retail, especially in the Year-Round Products category, where we gained market share across all product lines. We are particularly pleased with our Can-Am SSV business, which had its strongest first quarter ever at retail,” said José Boisjoli, President and CEO of BRP.
“As the year unfolds, our dealers’ profitability is under more pressure than anticipated given the current macroeconomic context, a more competitive landscape and high interest rates. For these reasons, we have decided to adjust our production to further reduce network inventory while continuing to maximize retail sales. Looking ahead, given our strong business fundamentals, we are confident in our long-term strategy, and committed to investing in the development of market-shaping products to remain the leading OEM [2] in the industry,” concluded Mr. Boisjoli.
For more detailed information, visit https://ir.brp.com/financial-information/quarterly-reports
